Another Bombshell from MM: India not in the same league as China

[SNAblog]

So why is S'pore going all out to lure more Indian national here?

http://www.dnaindia.com/money/repor...india-not-in-the-same-league-as-china_1324461

For Singapore's father, India not in the same league as China
Sreejiraj Eluvangal / DNA
Thursday, December 17, 2009 3:22 IST

New Delhi: The 81-year-old Lee Kuan Yew is not known to be diplomatic. Singapore's Gandhi and Nehru rolled together, Yew has been credited with transforming the island nation from a vulnerable, resource-constrained colonial outpost to one of the most advanced nations on the planet in just around three decades.

For Yew, who shared his insights with an attentive and admiring audience at an Indo-Singaporean event in the Capital on Wednesday, India is not quite in the same league as China. He believes China has a considerable headstart in the development game that is hard for India to overtake or even match.

"Both can grow... But India's GDP is half that of China's. It's growth does not exceed that of China's," he said, pointing out various opinion-makers believe that the two Asian neighbours should not be clubbed together at all any longer.

He pointed out that China is years ahead of India in terms of infrastructure. "China has 50,000 km of eight-laned highways, 20,000 km of high-speed trains," he pointed out, adding that India's lack of connectivity between its cities and villages is severely hindering the country's development. "Better transportation can easily add another 2-3% to India's GDP growth," he said.

Having served at the head of Singapore government from 1959 to 1990, Yew is credited with not only bringing economic development, but also reducing corruption and forging a truly Singaporean identity.

When asked why he thought South Asia lagged behind East Asia in living standards and economic development, he pointed to the Confucian culture. Confucius, a ancient Chinese scholar and philosopher who lived before the Buddha is known for the hard-nosed practicality of his teachings. Yew pointed out that Confucian ethos placed as much emphasis on hardwork as on intelligence and ability.

"There is a great emphasis on drive. You don't get ahead based on brains alone. You need all three of discipline, persistence and ability... There is a tremendous faith [in Confucian societies] that through education and hardwork, you will do better in life... Even the poorest Chinese make sure their children are educated," he pointed out.

Yew, who is known for his candid and often unflattering appraisal of Western culture and values, also fielded some questions about the "end" of the dollar as the world's reserve currency and its status as the World policeman. He, however, disappointed the enquirer with a quip: "Imagine the world without a policeman!" Yew, currently serving as Singapore's 'Minister Mentor' also felt all the hooplah about the demise of the dollar was misplaced. "What will you replace it with?" he asked, predicting that it will continue to be the currency of global trade for "a long time" to come.

 

[SNAblog]

MM Lee preaches to India on how to grow their economy.

http://news.xinhuanet.com/english/2009-12/17/content_12658573.htm

Lee Kuan Yew suggests strategy for India to grow beyond current rate of growth
www.chinaview.cn 2009-12-17 00:17:17

NEW DELHI, Dec. 16 (Xinhua) -- Lee Kuan Yew, Minister Mentor of the Singapore, has suggested a four-pronged strategy for India to grow beyond the current 8 to 9 percent rate of economic growth, according to local media on Wednesday.

"India needs to first of all, cut down on red tapeism; second, provide greater incentives for the private sector; third, address the challenge of infrastructure shortage; and finally, liberalize foreign direct investment norms in the country," Lee said in an interview here with local media.

He said greater liberalization in Foreign Direct Investment norms would allow India to shift its people out of agriculture into the industrial sector, which is essential for poverty reduction.

On infrastructure, he said, greater connectedness among Indian cities would be essential for economic development of the country.

Lee said while the economic cooperation between India and China may increase over the next few years, there was a little possibility of India to overtake China in its economic size.

Southeast Asian countries have been able to grow at a faster pace than South Asian countries because of cultural drive and education, added Lee.

He foresaw no change in the global dominance of the U.S. dollar as an international reserve currency over the next 10 years.

He, however, added that central banks across the globe may diversify their foreign exchange reserves into other international currencies such as euro and yen.

The U.S. economy is driven by consumption, he said, adding that reckless consumption in the U.S. would continue to grow, despite the current economic crisis.

 

[Internet Brigade]

The irony is that it is India democratic political rule and protectionism that lags it behind China.

 

[johnny333]

I thought LKY is being paid by Spore's taxpayers to mentor LHL

Why is he up north disturbing the neighbours.
He reminds me of those senior citizens wandering the void decks talking to themselves.

Personally don't care what he does but as a taxpayer I'm thinking of the waste in $$$ for travelling expenses for his gang of bodyguards, aids, ball carriers, ...

 

[TeeKee]

The irony is that it is India democratic political rule and protectionism that lags it behind China.

Tis not ironic to me that your lamest attempt to justify LeeRegime never impreses me, comes from you!

 

[Internet Brigade]

Tis not ironic to me that your lamest attempt to justify LeeRegime never impreses me, comes from you!

Did i say such a thing? Did anything i say not make sense?

I was just drawing a comparison between GDP Growth and Political Governance. The same could be used to compare the US with China.

 

[theblackhole]

Did i say such a thing? Did anything i say not make sense?

I was just drawing a comparison between GDP Growth and Political Governance. The same could be used to compare the US with China.

I like your AvatarW. Very nice, very serious, very solemn and very hamsome.Just right to be the moderator and the mentor. Good for you! Merry Christmas!

 

[GoFlyKiteNow]

India to be leading economic superpower by 2030
16 Dec 2009

India is poised to take over the developed countries to emerge at the top of the heap in the global economic superpower league by 2030, says a survey.

More than half of the respondents (53 per cent) of a survey commissioned by London-based independent think-tank Legatum Institute said India is likely to be the world’s most important economic power by 2030.

According to the respondents of the survey, India is now on course to outstrip developed nations such as the USA, Japan, Germany and the fast-emerging economic giant China over the next two decades.

The survey, which questioned nearly 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs said the levels of confidence among the country’s wealth-creators is very high, with nearly nine in ten saying they expected India to be in a stronger economic position in the next five years.

Only one in five said the world economic crisis had badly affected business in India, the survey said.

India is already moving up the economic league tables as the 12th largest economy in the world, as per the World Bank.

Besides, it also ranked 45th in the internationally respected 2009 Legatum Prosperity Index - which embraces social and political data to provide a wider measure of national success.

About two-thirds of the respondents said Indians were more entrepreneurial than people from other countries and 84 per cent said their country was going in the right direction.

Beyond making money, Indian entrepreneurs are also highly motivated by the broader social impact of their work. Over half (54 per cent) of respondents say the social effects of their business, such as improving the quality of life in their communities or developing people, are a main motivation for what they do, the survey said.

Meanwhile, the survey has also pointed out certain factors, which can negatively impact India’s economic future.

“Over half of the respondents say that corruption is a serious problem that hurts business in India, and 40 per cent say they have been pressured to pay a bribe,” the survey said.

Other factors which may affect the growth of Indian economy include lack of access to finance and tardy government bureaucracy.

 

[TeeKee]

Yew this and yew that this is the first time i see he mixed up with the person's last name wrong, like those Angmos!

Now why he wanted to piss off the Indians? Is telling hey it's time to wakeup and starts to play catchup?

But seriously how could you do any constructions when there are so many people everywhere?

 

[longbow]

"India will be the top economic superpower in 20 years??????". GFK do you really believe it?

Maybe if they said 50 years it is possible but 20 years?? India is going to have the hardest of time just climbing onto the manufacturing bandwagon. IT is not going to give jobs to a 1.2B population. At most It employs about 2 million Indian. At the moment cannot even provide toilets for its citizens and ech day 600M Indians crap in the open fields together with the animals.

And to be efficient manufacturers they need to upgrade their infra - not to mention that the Chinese will be fighting tooth and nail to maintain their edge.

That is the stupidest statement. But then the think tank based its findings on interviews with 2400 Indian senior managers!!!?? Are these Indian senior managers based overseas or in India? Talk about a biased report. If you go ask young PAP who are the greatest ministers you know the answer lah.

Of course they will say Indian are entreprenuers - the respondents are Indians!



"The survey, which questioned nearly 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs said the levels of confidence among the country’s wealth-creators is very high, with nearly nine in ten saying they expected India to be in a stronger economic position in the next five"

India to be leading economic superpower by 2030
16 Dec 2009

India is poised to take over the developed countries to emerge at the top of the heap in the global economic superpower league by 2030, says a survey.

More than half of the respondents (53 per cent) of a survey commissioned by London-based independent think-tank Legatum Institute said India is likely to be the world’s most important economic power by 2030.

According to the respondents of the survey, India is now on course to outstrip developed nations such as the USA, Japan, Germany and the fast-emerging economic giant China over the next two decades.

The survey, which questioned nearly 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs said the levels of confidence among the country’s wealth-creators is very high, with nearly nine in ten saying they expected India to be in a stronger economic position in the next five years.

Only one in five said the world economic crisis had badly affected business in India, the survey said.

India is already moving up the economic league tables as the 12th largest economy in the world, as per the World Bank.

Besides, it also ranked 45th in the internationally respected 2009 Legatum Prosperity Index - which embraces social and political data to provide a wider measure of national success.

About two-thirds of the respondents said Indians were more entrepreneurial than people from other countries and 84 per cent said their country was going in the right direction.

Beyond making money, Indian entrepreneurs are also highly motivated by the broader social impact of their work. Over half (54 per cent) of respondents say the social effects of their business, such as improving the quality of life in their communities or developing people, are a main motivation for what they do, the survey said.

Meanwhile, the survey has also pointed out certain factors, which can negatively impact India’s economic future.

“Over half of the respondents say that corruption is a serious problem that hurts business in India, and 40 per cent say they have been pressured to pay a bribe,” the survey said.

Other factors which may affect the growth of Indian economy include lack of access to finance and tardy government bureaucracy.

 

[Char_Azn]

Tis not ironic to me that your lamest attempt to justify LeeRegime never impreses me, comes from you!

I think U should see things in perspective and not just condemn everyone as PAP dogs, etc just because they do not have something nice to say about democracy.

The fact is Democracy and economy doesn't always mix well together. e.g. in a democracy U need to have everyone agreeing on something before you can take drastic measures to deal with something e.g. US much publicized medical overhaul which have been KIV almost forever due to the parties not agreeing on one another.

While for a country like China or SG, the government can't be bothered with what you think they do first. In instances where time is of the essence, being able to make decision and execute them in short periods of time is a very powerful tool.

Obviously each have its strengths, in a system like the US U have a lot of pple looking into and debating about the same thing which helps ensures that they make the right decision while in a system like China, they can do it quickly which in many cases is ver important however whatever they do may or may not be correct.

 

[Char_Azn]

India to be leading economic superpower by 2030
16 Dec 2009

India is poised to take over the developed countries to emerge at the top of the heap in the global economic superpower league by 2030, says a survey.

More than half of the respondents (53 per cent) of a survey commissioned by London-based independent think-tank Legatum Institute said India is likely to be the world’s most important economic power by 2030.

According to the respondents of the survey, India is now on course to outstrip developed nations such as the USA, Japan, Germany and the fast-emerging economic giant China over the next two decades.

The survey, which questioned nearly 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs said the levels of confidence among the country’s wealth-creators is very high, with nearly nine in ten saying they expected India to be in a stronger economic position in the next five years.

Only one in five said the world economic crisis had badly affected business in India, the survey said.

India is already moving up the economic league tables as the 12th largest economy in the world, as per the World Bank.

Besides, it also ranked 45th in the internationally respected 2009 Legatum Prosperity Index - which embraces social and political data to provide a wider measure of national success.

About two-thirds of the respondents said Indians were more entrepreneurial than people from other countries and 84 per cent said their country was going in the right direction.

Beyond making money, Indian entrepreneurs are also highly motivated by the broader social impact of their work. Over half (54 per cent) of respondents say the social effects of their business, such as improving the quality of life in their communities or developing people, are a main motivation for what they do, the survey said.

Meanwhile, the survey has also pointed out certain factors, which can negatively impact India’s economic future.

“Over half of the respondents say that corruption is a serious problem that hurts business in India, and 40 per cent say they have been pressured to pay a bribe,” the survey said.

Other factors which may affect the growth of Indian economy include lack of access to finance and tardy government bureaucracy.

U missed out this part

The survey, which questioned nearly 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs said the levels of confidence among the country’s wealth-creators is very high, with nearly nine in ten saying they expected India to be in a stronger economic position in the next five years.

Ask them if they will make it, obviously they will say can. If U work with Indians before U will understand why

Anyone who doesn't believe need only randomly visit 4 major cities in China and then compare them with 4 major cities in India and U will agree with what the old man said about India

 

[halsey02]

I thought LKY is being paid by Spore's taxpayers to mentor LHL

Why is he up north disturbing the neighbours.
He reminds me of those senior citizens wandering the void decks talking to themselves.

Personally don't care what he does but as a taxpayer I'm thinking of the waste in $$$ for travelling expenses for his gang of bodyguards, aids, ball carriers, ...

To call a spade, a spade, many of these trips are paid by the sponsors of the conference he attends. He is an old 'snake oil' seller; let him enjoy while he can; and hopefully, we get business coming...it is allright with me. But don't bring FT's to replace...that is a different story!

 

[annexa]

Main (and only) point in red.

India to be leading economic superpower by 2030
16 Dec 2009

India is poised to take over the developed countries to emerge at the top of the heap in the global economic superpower league by 2030, says a survey.

More than half of the respondents (53 per cent) of a survey commissioned by London-based independent think-tank Legatum Institute said India is likely to be the world’s most important economic power by 2030.

According to the respondents of the survey, India is now on course to outstrip developed nations such as the USA, Japan, Germany and the fast-emerging economic giant China over the next two decades.

The survey, which questioned nearly 2,400 Indian senior managers, entrepreneurs and aspiring entrepreneurs said the levels of confidence among the country’s wealth-creators is very high, with nearly nine in ten saying they expected India to be in a stronger economic position in the next five years.

Only one in five said the world economic crisis had badly affected business in India, the survey said.

India is already moving up the economic league tables as the 12th largest economy in the world, as per the World Bank.

Besides, it also ranked 45th in the internationally respected 2009 Legatum Prosperity Index - which embraces social and political data to provide a wider measure of national success.

About two-thirds of the respondents said Indians were more entrepreneurial than people from other countries and 84 per cent said their country was going in the right direction.

Beyond making money, Indian entrepreneurs are also highly motivated by the broader social impact of their work. Over half (54 per cent) of respondents say the social effects of their business, such as improving the quality of life in their communities or developing people, are a main motivation for what they do, the survey said.

Meanwhile, the survey has also pointed out certain factors, which can negatively impact India’s economic future.

“Over half of the respondents say that corruption is a serious problem that hurts business in India, and 40 per cent say they have been pressured to pay a bribe,” the survey said.

Other factors which may affect the growth of Indian economy include lack of access to finance and tardy government bureaucracy.

 

[Brightkid]

New Delhi: The 81-year-old Lee Kuan Yew is not known to be diplomatic.

Is someone lying about his age or I read wrongly from the States times some time ago?

He taking salary from us to teach others how to compete with us ? Why don't he spent his remaining years helping Singaporeans who are suffering; and accumulate some good karma instead ?

 

[Devil Within]

When asked why he thought South Asia lagged behind East Asia in living standards and economic development, he pointed to the Confucian culture. ......


Yew, who is known for his candid and often unflattering appraisal of Western culture and values, also fielded some questions about the "end" of the dollar as the world's reserve currency and its status as the World policeman. He, however, disappointed the enquirer with a quip: "Imagine the world without a policeman!" Yew, currently serving as Singapore's 'Minister Mentor' also felt all the hooplah about the demise of the dollar was misplaced. "What will you replace it with?" he asked, predicting that it will continue to be the currency of global trade for "a long time" to come.

He has been wrong on the 2 is enough policy, wrong about the bilingual policy, wrong about so many of his other stupid theories.

His confucian culture bullshits. He only want the part where you have to obey the Emperor or ruler of the land.

Policeman of the world? Only a dictator want to police the world.

 

[tanwahtiu]

Is someone lying about his age or I read wrongly from the States times some time ago?

He taking salary from us to teach others how to compete with us ? Why don't he spent his remaining years helping Singaporeans who are suffering; and accumulate some good karma instead ?

This has showed you that the Indian Press find him not worth the news and just anyhow put his age will do. The title of Mentor Minister already turned people off and seeing an old men like seeing an antique old broken misplaced record player where nobody is interested.

This old antique old record palyer and old fart hole should long gone from political scenes and he is becoming embarassing to represent Singapore.

 

[Char_Azn]

He has been wrong on the 2 is enough policy, wrong about the bilingual policy, wrong about so many of his other stupid theories.

His confucian culture bullshits. He only want the part where you have to obey the Emperor or ruler of the land.

Policeman of the world? Only a dictator want to police the world.

He wasn't wrong about the Bilingual policy it was and still is a very important part of SG, both having a significant impact in our culture and economy. However he was wrong about the way it was executed

If U want to say he was wrong about something, U should point out the closing down of Chinese schools. That one he admitted

 

[longbow]

You are right, democracy is inefficient and cost a lot of money. Poor countries cannot afford it.

It is very simple. With democracy you need a strong educated middle class. Or else democracy is just a fancy word.

Example is India. They keep saying they are the largest democracy but yet they are numero uno in child mortality, hunger, poverty, diesease. If India is truly democractic, the people would have spoken and kicked the leaders out for not changing their desperate situation. Like in the US, Republican no good change to Democractic Party. In India's case we keep seeing the Nehru/Gandhi family in control. Till today Manmohan Singh is the front man of Sonia Gandhi (Italian born wife of Rajiv Gandhi which was son of Indira Gandhi (former Prime Minister)who was daughter of Nehru - founder of modern India).

When the majority of your pop is very poor their votes can be bought for a few dollars! We see the same thing in Philippines and Thailand. Even in the US where pop is educated and middle class is strong they face strong competition from Corporate lobby groups.

What is happening in China is that their economic develop has progressed so fast that its political system is caught off foot. If China continues on its current path in 25 years they will have a large middle class and their political situation would have to change. I have not see a country with a strong middle class that is not democratic nor have I see a poor country that is democratic.

I think U should see things in perspective and not just condemn everyone as PAP dogs, etc just because they do not have something nice to say about democracy.

The fact is Democracy and economy doesn't always mix well together. e.g. in a democracy U need to have everyone agreeing on something before you can take drastic measures to deal with something e.g. US much publicized medical overhaul which have been KIV almost forever due to the parties not agreeing on one another.

While for a country like China or SG, the government can't be bothered with what you think they do first. In instances where time is of the essence, being able to make decision and execute them in short periods of time is a very powerful tool.

Obviously each have its strengths, in a system like the US U have a lot of pple looking into and debating about the same thing which helps ensures that they make the right decision while in a system like China, they can do it quickly which in many cases is ver important however whatever they do may or may not be correct.

 

[GoFlyKiteNow]

"India will be the top economic superpower in 20 years??????". GFK do you really believe it?

My belief is irrelevant.

I merely posted another point of view (POV) - that was released by a prestigious think tank datelined yesterday - which incidentally is sort of contra to what MM Lee's observation in the original post.

What impressed me is one para in the survey.
" Besides, it also ranked 45th in the internationally respected 2009 Legatum Prosperity Index - which embraces social and political data to provide a wider measure of national success. "

Did you notice something there ? - No mention of GDP or similar tangible economic data. The emphasis is on the intangibles that lay the solid foundation for a real stable country.

American politics may appear less disciplined and orderly compared to China, N Korea ( Confucian societies ). But that country has produced the best in everything, including beating beating all other nations in productivity, GDP size and so on. Other nations including China rode on the US economy all this while. And when it tightened its belt, China economy shrunk fast.

One can say that is the enduring gift and talent of a free society..the sweet land of liberty seems to put all the orderly , regimented societies and nations to shame in all aspects...technology leadership to economic power to military power.

Do you know what happened to orderly disciplined nations like Yugoslavia, Romania, Russia when the strong disciplined leadership withered away by old age and attrition ?...that is well known hostory.

I conclude with this observation made by a reputed "Asian Confucian" industrialist.

" On the surface, China appears stable..but underneath it is not...On the surface India seems unstable, but underneath it is stable " - Akio Morita. Sony Corp founder.